Topic: Russia took third place in the world in bitcoin mining (Read 475 times)

Exactly, although at one point the price of BTC was very low that even the people who had the antminer S9 were about to put them aside for being obsolete, but thanks to the fact that the price rose it did not happen, however due to the restrictions and prohibition in China, in Texas which is a State of the USA, many miners have gone there, no matter that the price of electricity is very high and they are doing things from there, also from El Salvador they want to take advantage of the energy of volcanoes to generate mining, geothermal energy.

Even if we suppose that down the line China could change its current policy I have my doubts we are going to see miners moving to China immediately, something that business hate is the constant change of rules, they like stability so they can plan to the future and make projections about their profits and their costs.

But something like this is not possible when the government is changing the rules constantly, so if that were to happen I would expect miners to be reluctant to move there for a few years until they are confident a ban will not happen again anytime soon.

China will be left out as other countries continue to legalize cryptocurrency, it's really not alarming anymore to see such a stupid decision from the government of China, it also really isn't a big deal that they won't be doing mining anymore since Russia's Bitcoin mining is popping off recently, Russia is a much more fitting country for bitcoin mining to take place, I hope the government of Russia recognizes this.

I am actually not surprised that Russia took the third spot in terms of mining application.

With their geographical location, it is strategic to set-up mining rigs and computers on their areas due to the cool weather. As far as I know also, energy consumption on the area is not that expensive compared to other countries that demand high prices on energy consumption.
If I just had the necessary capital, I would heavily consider mining in that country with all the benefits and strategic location of it.

China will be left behind in the dust as other countries adopt Bitcoin for their own benefit. With how everything's been progressing lately, I think Russia will become the next epicenter of Bitcoin mining. It could probably rise all the way towards second place after the United States in this regard. It's a very exciting moment, as Bitcoin continues to take the world by storm. I'm pretty sure other countries will adopt it as legal tender too, as El Salvador's move becomes a widespread success. The more miners are geographically distributed, the more decentralized Bitcoin will be. I see China's Bitcoin "ban" more beneficial than harmful to its existence. Who knows how everything will look like after Bitcoin's next halving event in 2024? Just my thoughts

Honestly speaking, when I heard positive news about bitcoin from anywhere, I think my heart, mind, and face started celebrating automatically. And another thing that gives me more joy these days is the positive vibe in our country about bitcoin. It is really nice that some positive vibes are spreading in our country about bitcoin, and it might be very soon before we get official permission to buy and sell. Well, on the day when it comes true, I will give $1000 to my best friend, whom I bet. And my target is under 2023, when bitcoin will be legal and he says no. But this type of postive news can create more postive vibes in my country. And I think it might be possible before 2023. If I win, I have to pay. If he wins, he has to pay me. Cool! Right?

No wonder China rank last in the chart because of its permanent banning on crypto and all its crypto related activities. I even think crypto will be better without China around. As for Russia, its slowly adopting bitcoin and gradually changed their negative views on bitcoin and crypto. And i think Russia will rank up in the chart soon as long as it has cheap electricity that will eventually increase bitcoin mining. And lastly, President Putin itself is now very positive on bitcoin and maybe in the future, bitcoin will also be applied in oil trading which is the President's priority before they come up legalizing bitcoin.

This is one of the signs that Russia is increasing the use of crypto in his country, and this has been conveyed directly by President Putin that bitcoin has value so this is a sign that it will have a great possibility in Russia that it will eventually legalize bitcoin, and we are also astonished at china banning bitcoin transactions so that they occupy the last position and previously they are a country that strongly supports bitcoin, For now Russia is developing and exploring the use of crypto and later if there is full support from the government then they will rank first on the bitcoin mining chart.

I highly doubt whether the miners who already moved out of China will go back even if they allow miners to settle down and even if there is any incentives because there needs to be stability in decision making and the amount of money these miners had to spent to move out of the country will be in millions and you cannot expect them to move back.

Russia seems to be taking the right direction by embracing Bitcoin in every way. They see a great opportunity to collect taxes from Bitcoin transactions, unlike China. Who knows if Chinese mining companies flock to Russia someday due to fierce government restrictions? It's a good thing Bitcoin is decentralized, or else China's mining ban would've put an end to it. There are now several countries expanding Bitcoin mining operations, so it should only be a matter of time before Bitcoin becomes virtually unstoppable. With or without Russia's support, Bitcoin will survive thanks to the way it was designed. Just my thoughts

Are the miners from China already relocated in Russia? Or is it just the Russian citizens only? If they're starting to relocate then there's more than this list, I think.
Occupying the 3rd position in countries who have the most miners is indeed great for the crypto industry and also the Russian president is in the friendly position about bitcoin. This is a good news in the industry as another super-power country adopts bitcoin despite China's banning of all crypto transactions and minings.

Hmm, nice. It correlates well with that Putin said about being and making the country crypto-friendly. I wonder if this is because of the China ban on mining with miners relocating there or simply Russia nodes being run from around the globe 

Either way, this positive approach better be progressing beyond mining and into crypto utilisation...

Greedy capitalists will certainly take advantage of Russian freedom for mining. Miners from China have dominated several countries that allow cryptocurrency mining and of course some of them do not have permits or do not pay taxes for their mining activities.

Russia needs to shut down the miners even though they release the miners, this is to anticipate illegal mining without a permit and of course it is a source of income for Russia as well.

Cheap electricity served to be a big reason for majority of Bitcoin mining process taking place in China. This has now changed, because long back itself there is unpredictability with the governments decision. As a result long back itself miners from China started to move towards Canada and other friendly nations.

Now this has got moved to Russia, though it hasn't got the cheapest electricity supply there is friendly move from the government. According to the data Russia also got the third biggest mining farm located in Moscow.

China being the competing economy for USA seems to have some plans to be executed. As a beginning to the same it has made such a restriction on cryptocurrency mining.

Although that is possible, that is still questionable as the China government is very strict in controlling their people and not giving a chance for those who have their own will. Hopefully, after they see what is happening to the crypto world and how many countries react to crypto, they will realize that crypto cannot put them in danger. If they can revise their policy and accept crypto like the other country, that will help their people continue what they did before and that can make crypto grow fast in their country.

I think it is possible, why not? China can revise it at any time if the government considers it is necessary. As far as I know, China ever revised its policy about crypto previously. So, I think it is not something absolute, or unchangeable. We know that some countries have revised their policies on crypto or Bitcoin because they realize Bitcoin is unavoidable to be adopted. They also consider the demand of society to participate in this industry since it can bring benefits for them.

Except for the native miners in the US, a large number of miners in China also immigrated to the US as a way of exposure to a friendly environment and less restrictive rules for bitcoin, Russia also received a large number of new members in the same way, the US market for bitcoin mining is really growing scary and the future will be a paradise for investors and network developers related to bitcoin. The proportion of miners in China is very low, maybe some underground activities are still in a hidden corner of the country but the Chinese government is very aggressive and maybe soon to censor each locality and mysterious places related to mining

Since the source of the information is the Cambridge Bitcoin Electricity Consumption Index (CBECI), I took a look at what the methodology (see https://cbeci.org/mining_map/methodology) behind the data looks like. Reading the methodology is a bit like reading the fineprint, and there are often surprises in the details.

The data seems like to me to be valid indicators to general pointers of how hashrate is being tied to certain countries, but they themselves describe some areas that make the data essentially dubious to draw solid conclusions from. Namely:

-   They explain that certain hashers tend to obfuscate their IPs my means of VPNs and Proxies. There is no measure on how far this practice is extended and how much it could distort the data, but they don’t see a coherence between the said data and the reality in Germany and Ireland for example.

-   They also mention that there is a certain deal of data extrapolation in their calculous, therefore they are not necessarily data-precise at their root.

-   Additionally, and perhaps the most important factor in my opinion, is that they obtain the data in relation to pools that have a significant hashrate. Namely, they mention (Table 1 in their methodology) data being drawn from BTC.com, Poolin, ViaBTC and Foundry. These represent 34% of the global hashrate on the last reading.

Even though these pools do have their activity distributed over various countries (thus the data were are seeing), the methodology assumes that the country/hash distribution for this 34% of hashrate is going to be correctly extrapolable to the 100%. This is doubtful in my opinion, as there should be at least some evidence that the remaining 66% hasrate (unknown to the study) follows the same geographical patterns.

All in all, I’d see it as pointers, but not a given that the data is correct as displayed.

I do not think that China will revise their policy, even if in their country, the mining process became 0. They will stick to their rule and be stricter than before, including crypto approving in their country. Maybe the government does not realize that some miners in their country already move to a friendly country that allows crypto to continue mining. Russia can grow in the future, especially if the government can fully accept crypto because that can give way for their people to make money from crypto.

After China banned bitcoin mining, the USA became the largest country that mines bitcoin, but I'm sure China is at least in the top 10 bitcoin mining countries because many miners are hiding their business, especially bitcoin mining currently doesn't require special specifications such as factories or farms.